Cango (NYSE:CANG) Shares Gap Up – Here’s Why

Cango Inc. (NYSE:CANG) shares gapped up before the market opened on Tuesday . The stock had previously closed at $5.49, but opened at $6.45. Cango shares last traded at $5.55, with a volume of 1,550,839 shares.

Cango Trading Up 15.8 %

The business’s fifty day moving average price is $3.44 and its 200 day moving average price is $2.34. The firm has a market capitalization of $871.34 million, a price-to-earnings ratio of 47.06 and a beta of 0.79.

Institutional Trading of Cango

An institutional investor recently raised its position in Cango stock. Acadian Asset Management LLC boosted its stake in Cango Inc. (NYSE:CANG) by 48.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 19,922 shares of the company’s stock after buying an additional 6,467 shares during the quarter. Acadian Asset Management LLC’s holdings in Cango were worth $32,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 4.22% of the company’s stock.

About Cango

Cango Inc operates an automotive transaction service platform that connects dealers, original equipment manufacturers, financial institutions, car buyers, insurance brokers, and companies in the People's Republic of China. The company offers automobile trading solutions comprising car sourcing, transaction facilitation, logistics, and warehousing support for dealers through Cango Haoche app that offers new car transaction services, and Cango U-Car app that offers used-car transaction services.